Intellectual Property is as elusive as people’s general understanding of it.Sometimes referred to as the ‘fruit of the mind’ it is often the result of intellectual thought or artistic endeavour. It might be a new novel or poem. It might be a motion picture, the soundtrack to a musical or lyrics to a song.For most businesses Intellectual Property expresses itself in a more practical sense. It might lie in a new process for manufacturing components. It may be the plans for a new accessory or machine. It might exist in improvements to something already existing, or be a new device, or perhaps a chemical composition, or even a new variety of plant. IP can relate to matters simple, or exceptionally complex. It may even be more abstract. The IP could lie in the get-up and packaging adopted on a range of products. It might be a company’s name and trade marks. It might be the colour applied to its packaging or fleet of vehicles.In the main, the Intellectual Property which is of benefit to business is new and useful. It usually represents some aspect whose use, if denied to competitors, provides the IP owner with a commercial advantage. This might be temporary, or transitory, though ideally has some value to the IP owner.As it can be so elusive, in all cases it is wise to discuss any new IP you suspect with your attorney. You may even arrange to have an IP audit where existing IP is identified for further discussion. Due to imposed time limitations in the IP process it is often best to act sooner rather than later. If the option still exists, this should be before public disclosure of the suspected Intellectual Property to be evaluated.

Intellectual Property is only part of your Intellectual Capital. Your business is likely to have, and rely on, a number of important Intellectual Assets as well.